Anouther excellent Indicator IDEA - Is it possible to make a POSITION SIZE INDICATOR?

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To all excellent MT4 programmers:

Is it possible to make a MT4 Position Sizing Indicator? I was wondering if it is posible to make a custom indicator that would use the crosshair pip measurement tool to measure the "risk" in the trade and then tell you how many lots you can put in on the trade with that value.


In other words:

If I see a "LONG" trade happening and I need to measure the "risk" on the trade to know how many lots I need to buy. I like to risk 3% of equity per trade so then what I do is I measure the risk in the trade with the Pip Measurement tool/crosshair then I put in the results in an excel spreadsheet that tells me how many lots to trade.


So I would click with the middle mouse button on the chart and turn on the Crosshair. Then measure down on the possible risk - since I am going LONG. Lets say it gives me 20 pips exactly (just to make the following math easy).


So then I take and put in 20 pips on my spreadsheet and it will calculate how much 20 pips of Eur/usd is 3% or less in Lots so that if the trade goes down and hits my stop loss I won't lose any more than 3% on that trade.


The math for that formula is (Equity * 0.03) / (20 pips * $0.1) (for micros, $1 for minis, $10 for standards of course) = # of lots


I was wondering if we can add this to the MT4 PLATFORM and that it could:

  1. constantly monitor the Equity so that it would do the correct calculation constantly
  2. allow for use to change how much percent of capital to risk on the trade.
  3. not take up any extra space on the chart just give the # of lots as TEXT on the chart.

What do you guys think? Is this possible? Can anyone here figure out how to do this one?


** Thank you again in advance **

Omar

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